Adecoagro S.a. · NYSE:AGRO
Adecoagro — Investor Presentation (December 2025)
37 slides from Adecoagro's investor presentation, December 2025
Slide 1: Adecoagro: A Sustainable Development Model
ADECOAGRO A S U S T A I N A B L E DEVELOPMENT MODEL
Slide 2: Index
INDEX 1 OUR GROWTH STORY 2 PROFERTIL 3 FINANCIAL PERFORMANCE 4 APPENDIX 2
Slide 3: Our Growth Story
OUR G ROWTH STORY 3
Slide 4: Diversified agro-industrial platform
DIVERSIFIED AGRO-INDUSTRIAL PLATFORM… SUGAR, ETHANOL SUGAR, ETHANOL & ENERGY TOTAL SALES • 3 Sugar & Ethanol Mills BUSINESS1 & ENERGY • ~210 thousand hectares of sugarcane 2024: US$1,519 MILLION • +12.8 million tons of sugarcane crushed per year • +1 million MWh renewable energy produced per year •
Slide 5: Real assets in Argentina, Brazil and Uruguay
… WITH REAL ASSETS IN ARGENTINA, BRAZIL AND URUGUAY… $13.7 PER SHARE1 ARGENTINA Angélica Mill Monte Alegre Mill BOOK VALUE $1.4 BILLION2 Ivinhema Mill Takuaré Ouro Verde ASSETS $3.6 BILLION2 Bela Manha Sapalio Los Guayacanes Agua Blanca Don Fabrizio Farmland Porfolio Other Non Current Assets La Garr
Slide 6: A strong operational track record
…AND A STRONG OPERATIONAL TRACK RECORD +10,100 EMPLOYEES ADECOAGRO’S PERFORMANCE EVOLUTION 1 3,079 3,098 $1,900 3000 2,814 Total Production (‘000 tons) 2,744 2,776 2,680 $1,700 Total TRS Equivalent Produced (‘000 tons) 2,516 $1,519 Farming Production (‘000 tons) 2,344 2500 2,329 $1,500 2,292 $1,386
Slide 7: Tether, our controlling shareholder
TETHER, OUR CONTROLLING SHAREHOLDER TETHER’S COMMITMENT TO OUR BUSINESS PLAN LONG TERM CAPITAL SUPPORT OF PROTECTION FOR MINORITY COMMITMENT, INCLUDING MANAGEMENT RETAINED ADECOAGRO’S BUSINESS COMPANY TO REMAIN SHAREHOLDERS, SUPPORT FOR GROWTH AND FULLY COMMITTED STRATEGY, MAINTAINING LISTED INCLUDI
Slide 8: Fully integrated low-cost sugar, ethanol & energy producer
FULLY INTEGRATED LOW-COST SUGAR, ETHANOL & ENERGY PRODUCER… Brazil SUGARCANE CRUSHED (MILLION TONS) & YIELD EVOLUTION (TON/HA) Sugarcane Crushed Yield 12.5 12.8 11.4 10.8 11.1 10.9 10.5 10.2 10.2 9.8 550 Nm3/hour 7,000+ employees of biomethane 85 89 79 80 76 69 67 70 72 64 2017 2018 2019 2020 2021 2
Slide 9: With clear competitive advantages
… WITH CLEAR COMPETITIVE ADVANTAGES LOW COMPETITION FOR LAND 15% CONTINUOUS HARVEST MODEL % of TRS 24% Effective Milling Hours Cluster Region Ribeirão Preto produced paid to the 76% 85% ⚫ More rain in the middle of the season and less in the off-season +31% +31% landowner 5,708 São Paulo State Adeco
Slide 10: Diversified crops producer in the most fertile region
DIVERSIFIED CROPS PRODUCER IN THE MOST FERTILE REGION IN THE WORLD Argentina & Uruguay PLANTED AREA (‘000 HECTARES) & PLANTING MIX BY CROP (%) Soybean Corn Wheat Peanut Sunflower Cotton Others Traceability +240,000 planted 241 231 focused on quality 218 220 250 1% 3% hectares 2% 3% 210 189 190 186 1
Slide 11: Largest integrated producer of rice in South America
LARGEST INTEGRATED PRODUCER OF RICE IN SOUTH AMERICA Argentina & Uruguay PLANTED AREA (‘000 HECTARES) & YIELD EVOLUTION (TON/HA) Planted Area Yield Domestic and In-house production 70 64 16.0 61 export market of seeds 60 56 58 14.0 44 12.0 50 Traceability 40 40 39 42 10.0 focused on 40 +64,000 hecta
Slide 12: Largest integrated producer of dairy products in Argentina
LARGEST INTEGRATED PRODUCER OF DAIRY PRODUCTS IN ARGENTINA Argentina MILK PRODUCTION (MILLION LITERS) & PRODUCTIVITY (LITER/COW/DAY) Cow feed Domestic and production Production (mm liters) Productivity (liters/cow/day) export market 200 199 186 41.0 +14,400 milking cows 200 173 40.0 145 149 145 39.0
Slide 13: Growth avenues across our units
GROWTH AVENUES ACROSS OUR UNITS Sugar, Ethanol & Energy Crops Rice Dairy ⚫ Increasing crushing ⚫ Expanding farmland and ⚫ Development of rice ⚫ Product & Brand capacity logistics genetics development ⚫ Expansion planting ⚫ Access to new ⚫ Increase processing destinations & clients volumes ⚫ Biometha
Slide 14: Profertil
PR OF ERTIL 14
Slide 15: A transformational investment
A TRANSFORMATIONAL INVESTMENT PROFERTIL IN NUMBERS State-of-the-art asset located in the port of Bahía Blanca; with direct access to regional export markets ~1.3 MM Tons ~790 k Tons Urea Capacity Nominal Ammonia Capacity Attractive market fundamentals underpinned by favorable S&D dynamics ~715 MM US
Slide 16: Nitrogen fertilizer is essential for agricultural production
NITROGEN FERTILIZER IS ESSENTIAL FOR AGRICULTURAL PRODUCTION UREA IS THE MAIN FERTILIZER USED WORLDWIDE EVOLUTION OF FERTILIZER USAGE (‘000 TONS) 150,000 N% P2O5% K2O% Ammonium Sulphate 100,000 Calcium Ammonium Sulphate Ammonium Nitrate 50,000 0 2020 2026 2029 2024 2030 2007 2025 2028 2027 2005 2006
Slide 17: Strategic asset location to supply key regions
STRATEGIC ASSET LOCATION TO SUPPLY KEY REGIONS PUERTO GRAL. SAN MARTÍN ▪ 2 silos ▪ 200 KMT of Storage capacity ▪ 7 KMT / day of port unloading capacity ▪ 4 dispatch lines with dispatch capacity of 650 KMT / year BUENOS AIRES HQ ▪ Parking capacity of 150 trucks NECOCHEA SAN NICOLAS ▪ 70 KMT of storag
Slide 18: A country which is a net importer of urea
IN A COUNTRY WHICH IS A NET IMPORTER OF UREA... ARGENTINA UREA CONSUMPTION VS. PROFERTIL’S UREA SALES (‘000 TONS) Argentina Profertil Profertil’s Market Share UNMET DEMAND SATISFIED WITH IMPORTS IMPORTS ORIGINS Algeria - Egypt - Arabian Gulf - Venezuela - Bolivia - Russia Source: Profertil’s Website
Slide 19: Access to a region that is also net importer
...WITH ACCESS TO A REGION THAT IS ALSO NET IMPORTER SOUTH AMERICA’S IMPORTS OF UREA (TONS)1 ESTIMATED 5-YEAR GLOBAL AMMONIA DEMAND AND SUPPLY GROWTH (EX. CHINA) 2 DEFICIT OF +10MM TN 12-14 MM Tons (Ammonia equivalent) +7 9.7 MM Tons additional 7-8 MM Tons ammonia Shortfall facilities required Low C
Slide 20: Low-cost producer positioned to capture Vaca Muerta's upside
LOW-COST PRODUCER POSITIONED TO CAPTURE VACA MUERTA’S UPSIDE COMPOSITION OF THE COST OF UREA (%)1 GAS BASINS – PROFERTIL2 CUENCA NOROESTE CUENCA CUYANA ~500 Gas pipeline dam3/day GPM: 21,000 GAS PRODUCTION EVOLUTION IN VACA MUERTA3 CUENCA NEUQUINA ACCESS TO NEUBA Pipelines VACA MUERTA San Martin Pip
Slide 21: Consistent cash generation
CONSISTENT CASH GENERATION SALES (US$ MILLION) ADJUSTED EBITDA (US$ MILLION) $762 $667 $620 $397 $280 $236 2023 2024 LTM3Q25 2023 2024 LTM3Q25 ADJUSTED NET INCOME (US$ MILLION) $241 $176 $112 2023 2024 LTM3Q25 Source: Profertil’s Financial Statements. LTM3Q25 is defined as 2024 full year minus 9M24
Slide 22: Financial Performance
FINANCIAL PE R F ORMANCE 22
Slide 23: Financial highlights (excluding Profertil)
FINANCIAL HIGHLIGHTS (EXCLUDING PROFERTIL) GROSS SALES (US$ MILLION) TOTAL SALES BREAKDOWN BY PRODUCT (%) Energy, 3% 50% 53% 44% 53% 54% Soybean, 5% Dairy, 21% Corn, 4% 50% 47% 56% 47% 46% Peanut, 5% $1,519 Wheat, 1% $1,600 $1,348 $1,386 $1,299 $1,124 Others, 3% $1,400 $1,200 $1,000 $800 Rice, 16% S
Slide 24: Our capital allocation strategy
OUR CAPITAL ALLOCATION STRATEGY EXPANSION CAPEX (US$ MILLION) SHAREHOLDER DISTRIBUTION (US$ MILLION) Farming SE&E Profertil Total Buyback Dividends Total Distribution $250 $102 $214 $100 $35 $200 $72 $66 $80 $96 $61 $150 $60 $104 $35 $45 $100 $71 $35 $67 $40 $58 $85 $66 $67 $65 $35 $50 $29 $46 $52 $
Slide 25: A transformational & accretive acquisition
A TRANSFORMATIONAL & ACCRETIVE ACQUISITION Adecoagro’s Proforma Financial Figures SALES (US$ MILLION) ADJUSTED EBITDA (US$ MILLION) Adecoagro Profertil Total Adecoagro Profertil Total +59% +44% +45% $1,400 $2,500 $2,061 $2,186 $2,006 +83% +63% $1,200 $874 +76% $1,000 $2,000 $667 $724 $762 $620 $800
Slide 26: Adecoagro's highlights
ADECOAGRO’S HIGHLIGHTS Leading agro-industrial company with a fully integrated business model Highly diversified operations across products and regions Low-cost producer leveraging agro-ecological competitive advantages Sustainable margins driven by operational efficiency Growth opportunities to fur
Slide 27: Appendix
APPE NDIX 27
Slide 28: Highly qualified and experienced management team
HIGHLY QUALIFIED AND EXPERIENCED MANAGEMENT TEAM Executive Management Board of Directors Name Position Experience Tenure Name Position Experience ▪ Chairman and Founder of Union Group International Mariano CEO & 25+ years of managerial experience in the Juan Executive Holdings 23 Bosch Co-Founder ag
Slide 29: Environmental management
ENVIRONMENTAL MANAGEMENT Environmental Management focused on four main pillars, driving efficiency and profitability CARBON ENERGY WATER SOIL Regenerative 16 million tCO2e 14 million GJ of 90% of our planted area agriculture: No-till, captured per year renewable energy is rainfed only Cover Crops, C
Slide 30: Social development & governance
SOCIAL DEVELOPMENT & GOVERNANCE SOCIAL DEVELOPMENT GOVERNANCE We promote local opportunity, community engagement, and workplace diversity to Our governance model is built on the core principles of Independence, drive positive impact Transparency and Accountability One class Highly qualified Minimum
Slide 31: Non-IFRS financial measures and reconciliations (Adecoagro)
NON-IFRS FINANCIAL MEASURES AND RECONCILIATIONS (ADECOAGRO) Adjusted EBITDA - Nine months ended September 30, 2025 Nine Months Ended September 30, 2025 Farming Sugar, Ethanol and Crops Rice Dairy Subtotal Energy Corporate Total (In thousands of $) Adjusted Segment EBITDA Profit/(Loss) from Operation
Slide 32: Non-IFRS financial measures and reconciliations (Adecoagro)
NON-IFRS FINANCIAL MEASURES AND RECONCILIATIONS (ADECOAGRO) Adjusted EBITDA - For the year ended December 31, 2024 For the year ended December 31, 2024 Sugar, Ethanol and Crops Rice Dairy Farming Subtotal Energy Corporate Total (In thousands of $) Adjusted Segment EBITDA Profit/(Loss) from Operation
Slide 33: Non-IFRS financial measures and reconciliations (Adecoagro)
NON-IFRS FINANCIAL MEASURES AND RECONCILIATIONS (ADECOAGRO) Adjusted EBITDA - Nine months ended September 30, 2024 Nine Months ended September 30, 2024 Sugar, Ethanol and Crops Rice Dairy Farming Subtotal Energy Corporate Total (In thousands of $) Adjusted Segment EBITDA Profit/(Loss) from Operation
Slide 34: Non-IFRS financial measures and reconciliations (Adecoagro)
NON-IFRS FINANCIAL MEASURES AND RECONCILIATIONS (ADECOAGRO) Adjusted EBITDA - For the year ended December 31, 2023 For the year ended December 31, 2023 Sugar, Ethanol and Crops Rice Dairy Farming Subtotal Energy Corporate Total (In thousands of $) Adjusted Segment EBITDA Profit/(Loss) from Operation
Slide 35: Non-IFRS financial measures and reconciliations (Adecoagro)
NON-IFRS FINANCIAL MEASURES AND RECONCILIATIONS (ADECOAGRO) Adjusted Net Income Nine Months Ended, September 30, Year Ended December 31, 2025 2024 2024 2023 Profit for the year 8,091 75,923 92,101 226,721 Foreign exchange gains, net (12,323) 5,051 37,569 (90,930) Cash flow hedge – transfer from equi
Slide 36: Non-IFRS financial measures and reconciliations (Profertil)
NON-IFRS FINANCIAL MEASURES AND RECONCILIATIONS (PROFERTIL) Adjusted EBITDA (unaudited) Nine Months Ended, Year Ended December 31, September 30, 2025 2024 Dec-24 Dec-23 (In thousands of $) Reconciliation of Adjusted EBITDA to Profit Profit for the period / year 74,894 203,710 241,132 175,983 Income
Slide 37: Thank you!
& adecoagro THANK YOU!